Story highlights

Although the selling price wasn't revealed, reports suggest it was around $230 million

The Cottagers cemented their place in England's top division under Al Fayed

Khan moved to the U.S. at the age of 16 and turned himself into one of the world's richest men

Fulham became the sixth soccer team in England's Premier League to fall into U.S. ownership when the charismatic Mohamed Al Fayed sold the club to billionaire and N.F.L. owner Shahid Khan.

The deal, which had been in the works, was confirmed on Fulham's website Friday. The selling price wasn't disclosed, although several British media outlets reported it was upwards of $225 million.

Fulham said Khan assumes full ownership of the Cottagers, "debt-free, as of today."

"It has been a pleasure and privilege to be the Chairman of Fulham Football Club for 16 memorable years," Al Fayed, 84, told Fulham's website. "I am now delighted to be passing this great and historic Club into the care and stewardship of an outstanding man who has already achieved much in his life and will, I am sure, take Fulham on to even greater things.

"By his hard work, vision and determination, Shahid Khan has become a living embodiment of the American success story. His achievements speak for themselves.

"I met him twice prior to our successful transaction this week and have been very favorably impressed."

Al Fayed bought Fulham in 1997 for roughly $9 million and proceeded to pump around $300 million into the club based in southwest London, not far from Harrods -- the luxurious and iconic London department store Al Fayed owned before selling it to Qatar Holdings for a reported $2.3 billion in 2010.

While never challenging for the Premier League title, Fulham cemented its spot in the world's most watched league after winning promotion from the second tier in 2001 and even reached the Europa League final in 2010.

"I am sad but proud of our achievements," said Al Fayed. "I am very grateful to Fulham's fans, the most incredible fans in the world. They have given me their support and affection whenever they have seen me at home games.

"I would never let them down. I have passed the Club to a talented, honest and highly capable man who respects Fulham and its traditions. He is a great sportsman."

The Pakistan-born Khan, according to Forbes, was worth $2.9 billion as of last March.

"Fulham is the perfect club at the perfect time for me," Khan, in his early 60s, told Fulham's website. "I want to be clear, I do not view myself so much as the owner of Fulham but a custodian of the club on behalf of its fans.

"My priority is to ensure the club and Craven Cottage each have a viable and sustainable Premier League future that fans of present and future generations can be proud of.

"We will manage the club's financial and operational affairs with prudence and care, with youth development and community programs as fundamentally important elements of Fulham's future."

Fulham's first league game of the new season under Khan is an away trip to Sunderland on August 17.